Bank of Queensland Group (BOQ) has
completed the acquisition of the life and general insurance units
of St Andrew’s Insurance (SAI) from Commonwealth Bank Group
(CBG).
The A$45m ($40m) deal excluded SAI’s
investment, superannuation, retirement income and financial
planning business units.
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CBG acquired SAI as part of its acquisition of
Bankwest in December 2008and was to have been integrated into CBG’s
ComInsure unit.
However, following an approach from BOQ, SAI’s
long-standing bancassurance partner, a decision was taken to accept
their offer for the life and general insurance units.
SAI is small in the context of ComInsure which
in 2009 reported life premium income of A$2.1bn.
The two SAI units sold recorded combined
premium income of A$75m.
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By GlobalDataBOQ will operate the SAI’s business as a
stand-alone entity under the leadership of its existing CEO Renato
Mazza and will maintain its Perth-based headquarters.
